News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇬🇧 Core Inflation Rate YoY (DEC) Actual: 1.4% Expected: 1.3% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2021-01-20
  • 🇬🇧 Inflation Rate MoM (DEC) Actual: 0.3% Expected: 0.2% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-01-20
  • 🇬🇧 Inflation Rate YoY (DEC) Actual: 0.6% Expected: 0.5% Previous: 0.3% https://www.dailyfx.com/economic-calendar#2021-01-20
  • RT @FxWestwater: #NaturalGas Outlook: US Prices Sink Despite Global Supply Disruptions Link: https://www.dailyfx.com/forex/market_alert/2021/01/20/Natural-Gas-Outlook-US-Prices-Sink-Despite-Global-Supply-Disruptions.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/t95eI6fu…
  • Heads Up:🇬🇧 Inflation Rate MoM (DEC) due at 07:00 GMT (15min) Expected: 0.2% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-01-20
  • Heads Up:🇬🇧 Inflation Rate YoY (DEC) due at 07:00 GMT (15min) Expected: 0.5% Previous: 0.3% https://www.dailyfx.com/economic-calendar#2021-01-20
  • Heads Up:🇬🇧 Core Inflation Rate YoY (DEC) due at 07:00 GMT (15min) Expected: 1.3% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2021-01-20
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/LqAfNPnzSN
  • Alibaba's share price surged 8.8% after its founder Jack Ma reappeared after months out of public view. - BABA (+8.8%) - Tencent (+3.36%) - Meituan (+8.04%) - Xiaomi (+1.75%)
  • German Covid deaths increase by 1,734 - BBG
Silver Price Technical Analysis: Keep an Eye on Channel Support, Gold

Silver Price Technical Analysis: Keep an Eye on Channel Support, Gold

Paul Robinson, Strategist

What’s inside:

  • Silver prices are still pointed higher as long as it can maintain the bullish channel off the July low
  • The 200-day, upper parallel are resistance for now
  • Gold firmly above the 2011 trend-line, 1296 next big hurdle

Find out in the Q3 Forecast what’s driving Gold & Silver this quarter.

Silver prices have been working their way higher in bullish fashion since the spike-day low created back on 7/10. The past few days the rally stalled on a failure to maintain above the 200-day MA and after touching off on the upper parallel of the channel since in place since July. The trend in the intermediate to long-term remains down, marked by the lower highs and lower lows, however; as long as the lower parallel maintains then keeping a tentatively bullish stance in the near-term makes sense.

Looking higher, if silver keeps the channel intact and can break above last week’s high at 17.24 (also >200-day), then look for the July 2016 trend-line to come into play as the next level of resistance. Ideally, if the broader trend is to turn higher we see gold not only clear above 1296 but also see silver catch a bid above the July trend-line as well. A clean break below the lower parallel doesn’t necessarily turn the picture bearish, but will make the situation more tenuous for longs, with 16.09 becoming an important low to stay above.

Silver: Daily

Silver Price Technical Analysis: Keep an Eye on Channel Support, Gold

Check out our new guide! – Building Confidence in Trading

Gold clearly closed above the 2011 trend-line on the weekly time-frame, an event which helps put the precious metal in position to rally. But for it to have full clearance a break above the 1296 double-top will need to take shape. Keep an eye on this development should it happen, because while silver might not find the same kind of sponsorship it will go along for the ride should gold start to gain momentum. In the event gold fails to hold above the long-term threshold, given silver has been the weaker of the two, it is more likely to lead to the downside.

Gold: Weekly

Silver Price Technical Analysis: Keep an Eye on Channel Support, Gold

Heads up: A potentially market-moving event comes up tomorrow at 14:00 GMT when the July FOMC meeting minutes will be released. It may be a non-event, but we’ve seen the minutes in the past have a material impact on short-term price action so traders will want to be on their toes.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing up here.

You can follow Paul on Twitter at @PaulRobinonFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES